# In the matter of Zexus Air Services Pvt. Limited

> NCLT judgment dated 2025-10-09. Citation: TCN-2025-NCLT-01515. Samriddhi Mega Structures Limited filed a Section 7 application under the Insolvency and…

- **Court:** NCLT
- **Order date:** 9 Oct 2025
- **Citation:** TCN-2025-NCLT-01515
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/zexus-air-services-pvt-limited-30be7f28

## Summary

### Background

Samriddhi Mega Structures Limited filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Zexus Air Services Pvt. Ltd. for default in repayment of a financial debt of ₹2,63,08,618/-. The Corporate Debtor opposed the application, alleging misstatements, concealment of facts, and that the transactions were sham.

## Facts

Samriddhi Mega Structures Limited filed a Section 7 application to initiate CIRP against Zexus Air Services Pvt. Ltd.

The alleged financial debt was ₹2,63,08,618/-.

Ramesh Dugar was a Director in both Samriddhi Mega Structures Limited and Zexus Air Services Pvt. Ltd.

Zexus Air Services Pvt. Ltd. claimed the transactions were sham and the petition was replete with misstatements.

The Corporate Debtor transferred consideration amount towards acquisition of shares to the account of the Financial Creditor, acting as the nominee of Late Shri Kaushik.

FIR No. 062 dated 07.05.2025 has been registered at PS EOW, Delhi under Sections 406, 409, 420, and 120B of the IPC against the Financial Creditor and its Director, Mr. Ramesh Duggar.

## Issues and analysis

### Issue 1: Whether the Section 7 application is …

**Ratio:** Section 65 of the IBC allows for penalties if insolvency proceedings are initiated

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**Reasoning:** The Tribunal found that the Financial Creditor's application was based on fraudulent

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**Interpretation:** The Tribunal interpreted Section 65 to allow for penalties when the insolvency

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**Application:** The Tribunal applied Section 65 and imposed a penalty on the Financial Creditor

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## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** Samriddhi Mega…; Zexus Air…
- **Respondents:** Zexus Air…
- **Other parties:** Ramesh…; Aashish…; +1 more
- **Advocates:** Arun K…; Abhinav…; +6 more

## Timeline

- **2025-10-09 — Order Del…**: Order delivered by the National…
- **2016-03-11 — Share Purchase…**: Share Purchase Agreement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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